Biz Beat Blog

Exxon earnings slide again

Exxon Mobil Corp.’s third quarter profits plummeted 18 percent from a year ago to $7.9 billion, the company reported in a regulatory filing Thursday morning.

That largely stemmed from a $8.7 billion drop in the company’s refining and retail earnings, as the previously profitable margin between domestic and international crude exploited by U.S. refiners closed. Also, a year ago Exxon counted a $5.3 billion gain selling off parts of its Japanese refining operation.

But the company’s long scrutinized oil drilling operation reported positive news. Production was up 13,000 barrels a day, a small fraction of Exxon’s 2.2 million barrel a day average. Critics have long questioned the company’s ability to keep up production as global oil reserves become increasingly difficult and expensive to access.

But the earnings report had little impact on Exxon’s stock price. Just after 11 a.m. in New York, shares were trading around $89.50, a 1 percent increase on the day.

Top Picks

Comments

To post a comment, log into your chosen social network and then add your comment below. Your comments are subject to our Terms of Service and the privacy policy and terms of service of your social network. If you do not want to comment with a social network, please consider writing a letter to the editor.

ArchivesAbout this blog

About This Blog

Daily breaking news alerts from the Business staff of The Dallas Morning News.